288-292 Washington & 5 Porter St Ct, Salem, MA 01970
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$4,500,000
19 Unit
27 Beds
19 Baths
24126 SQFT
0.26 Acre

Property Description

Salem, MA multifamily portfolio: 19 units spanning three buildings at 288–292 Washington Street and 5 Porter Street Court. The package features a balanced mix of twelve (12) one-bedroom units, six (6) two-bedroom units, and one (1) three-bedroom unit. Owner provides heat and hot water to tenants. The 5 Porter St Ct property includes approximately 6–8 off-street parking spaces for added tenant convenience. In-place rents are below current market levels, presenting a clear value-add opportunity to align rents with market and further stabilize operations over time. Set near Downtown Salem, the properties offer immediate access to a thriving year-round market—walkable to restaurants, retail, the waterfront, museums, and the MBTA for easy Boston access. Strong demand drivers and in-town convenience support stable occupancy and long-term rent growth.

Property Details tap to expand

Building Information

  • Total Units: 19
  • Total Floors: 4
  • Total Bedrooms: 27
  • Total Full Baths: 19
  • Amenities: Park, Public Transportation, T-Station
  • Common Rooms: Dining Room, Kitchen, Living Room
  • Common Heating: Electric Baseboard, Oil, Radiant

Financial

  • APOD Available: No
  • Expenses Source: Owner Provided
  • Gross Operating Income: 412800
  • Gross Expenses: 148921
  • Electric Expenses: 1721
  • Water/Sewer: 9649
  • INSC: 21045
  • Repairs & Maintenance: 20640
  • RFS: 11676
  • Management Fee: 20640
  • Net Operating Income: 243239

Utilities

  • Electric Info: 200 Amps
  • Utility Connections: for Electric Range, for Gas Range
  • Water: City/Town Water, Private
  • Sewer: City/Town Sewer, Private

Unit 1 Description

  • Included in Rent: Heat, Hot Water
  • Under Lease: No
  • Floors: 1
  • Levels: 1

Unit 2 Description

  • Included in Rent: Heat, Hot Water
  • Under Lease: No
  • Floors: 1
  • Levels: 1

Construction

  • Year Built: 1915
  • Type: 5+ Family - 5+ Units Up/Down
  • Construction Type: Brick
  • Foundation Info: Fieldstone
  • Roof Material: Rubber
  • Flooring Type: Wood
  • Lead Paint: Unknown
  • Warranty: No

Other Information

  • MLS ID# 73452143
  • Last Updated: 11/10/25

Property History tap to expand

Date Event Price Price/Sq Ft Source
11/10/2025Active$4,500,000$187MLSPIN
11/06/2025New$4,500,000$187MLSPIN

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Seller's Representative: Francesca Little, Little & Co., REALTORS®
Sub Agent Compensation: n/a
Buyer Agent Compensation: n/a
Facilitator Compensation: n/a
Compensation Based On: n/a
Sub-Agency Relationship Offered: No

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MLS PIN data last updated at 2025-11-10 03:05:00